Naira Slumps To N1,025/$ As Forex Crisis Worsens

The Naira, Nigeria’s currency, has depreciated yet again.

The naira slumped to N1,025 per dollar at Tuesday’s parallel foreign exchange market as forex scarcity worsened.

Ahmed Gazali, a Bureau De Change operator in Wuse Zone 4, confirmed this to DAILY POST on Wednesday.

According to him, the situation in the forex market may worsen if the Federal Government does nothing to halt the crisis.

“The scarcity is hard to explain at the moment. The situation is not decreasing. It may worsen if nothing is done. The foreign currency is not available”, he said.

Meanwhile, at the official window, the figures from the FMDQ showed that the Naira fell slightly and closed at N765.83/$ on Tuesday from N765.02/$ on Monday.

DAILY POST reports that on June 14, 2023, the Central Bank of Nigeria directed commercial banks to trade Naira at the forex market freely. Consequently, the country’s currency had been in a freefall.

On Tuesday, the House of Representatives ordered CBN Governor Olayemi Cardoso to devise a monetary policy to nip the forex crisis.